Tether на фоне ухудшения рейтинга S&P прекращает операции в Уругвае и закрывает проект EURT Translation: Tether Halts Operations in Uruguay and Shuts Down EURT Project Amid S&P Rating Downgrade

S&P Global Ratings has lowered the stability rating of Tether to level five, the lowest on the company’s scale.

Analysts attributed this decision to the increased proportion of risky assets in the collateral backing the USDT stablecoin. They believe that the current capital buffer may be insufficient to cover losses in the event of a decline in Bitcoin’s value.

Bitcoin currently accounts for approximately 5.6% of the total issuance of the stablecoin, exceeding the 3.9% safety margin recorded in the Q3 attestation. A substantial drop in Bitcoin’s price, coupled with losses from other high-risk positions, poses a risk of the stablecoin losing its full collateralization.

As of September 30, the share of risky assets in Tether’s reserves has risen to 24%, compared to 17% a year earlier. This category includes Bitcoin, gold, secured loans, corporate bonds, and investments with limited disclosure. The agency also pointed out the lack of transparency regarding the custodians and issuer partners.

A significant portion of USDT reserves continues to be held in U.S. Treasury bills. However, the asset storage structure does not offer protection to investors akin to that found in regulated markets.

The reserves are not separated from the company’s own funds, and access to redemptions remains complicated. The rating could improve with a reduction in the proportion of risky instruments and greater disclosure concerning the creditworthiness of partner banks.

Tether’s CEO, Paolo Ardoino, dismissed the agency’s conclusions, stating that the company «wears S&P’s disdain with pride.»

He referred to the evaluation models as outdated and unsuitable for the new financial system, emphasizing that the issuer maintains excess capital and high profitability.

USDT remains the leading stablecoin with a market capitalization of $184.5 billion.

Tether will cease operations in Uruguay, according to El Observador, citing sources within the Ministry of Labor and Social Security. This decision will result in the layoffs of 30 out of 38 employees in the local branch.

The main reason for the exit was the high electricity tariffs and the lack of flexible pricing policies for large investors.

Tether had planned to invest $500 million into the Uruguayan economy, which included building three data centers in the Florida and Tacuarembó departments with a consumption of 165 MW, as well as creating its own wind and solar power plant with a capacity of 300 MW.

So far, the company has invested over $100 million of the planned amount. An additional $50 million was earmarked for infrastructure intended for transfer to the state energy company UTE.

The business became unprofitable due to the prevailing network fees and contractual model. Since November 2023, Tether had been attempting to negotiate more competitive rates and proposed switching to a connection model that would be mutually beneficial.

Negotiations with regulators were unsuccessful, leading the company to deem further investments economically unviable.

Tether announced the final winding down of its euro-pegged stablecoin project (EURT), stating that all redemption operations across supported blockchains will cease on November 27, 2025.

The issuer halted the production of new coins back in 2022 and has since not accepted applications for additional issuance. The complete discontinuation of the asset was attributed to a desire to optimize infrastructure and focus on more promising ventures.

Ardoino noted that the current regulatory climate in Europe influenced this decision.

*»We did not take this decision lightly. However, until a regulatory framework emerges in the EU that fosters innovation and protects users from systemic risks, we are prioritizing other avenues,»* stated the businessman.

The main project for the company in the European region will be the Hadron by Tether platform, designed for asset tokenization and targeting cooperation with government entities, funds, and private companies.

The total transaction volume in USDT0 from Everdawn Labs has surpassed $50 billion, with a fifth of this total occurring in November alone.

The network achieved this milestone within 10 months of its launch in January 2025, being utilized in over 415,000 transactions across 15 blockchains. Supported networks include Ethereum, Arbitrum, Solana, HyperLiquid, and Bitcoin layer two solutions — Corn and Rootstock.

USDT0 is the on-chain version of the original USDT, allowing the stablecoin to be used on networks without its native issuance. Tokens are issued via the Omnichain Fungible Token standard from LayerZero and are backed by original coins on a 1:1 basis.

Ardoino referred to the technology as an «evolution of user experience,» transforming «stablecoins» from assets of a single blockchain into a «true interconnected monetary infrastructure.»

The issuer Everdawn Labs also manages a cross-chain version of the gold token XAUT0. According to project co-founder Kevin M., the initiative began as a «startup within the Tether ecosystem.» The initial asset issuance took place in the L2 network Ink from the Kraken exchange.

It is worth noting that, by the end of the first nine months of 2025, Tether International’s net profit surpassed $10 billion.